Blockchain in Retail Market Research Report by Forecast to 2024

Blockchain in Retail Market Synopsis:

As mentioned in the reports of Market Research Future, the global market for blockchain in retail 2020 will be surging at a healthy growth rate of 78.49% CAGR during the forecast period 2018–2024. Over this period, the market will also be valued at USD 1.76 billion by 2024.

Top Market Trends & Drivers

 

The growing adoption of blockchain technology mainly by retailers to reorganize business processes such as payment and order management, incorporate supply-chain visibility, database management, inventory management, and ensure product authenticity and safety are some of the essential factors anticipated to encourage the growth of the market in the foreseeable years.

As per the study, Satoshi Nakamoto initially introduced blockchain technology in order to serve as a public transaction ledger for the cryptocurrency bitcoin that is poised to modernize the retail industry. Blockchain offers secure and quick and uninterrupted data transactions and includes a peer-to-peer network and a distributed ledger for recording the transactions and a consensus mechanism to validate the transactions.

The ability of distributed ledger acts as a layer of trust for retailers and the supply chain trade partners, offering visibility, traceability, and transparency. Thus, with the help of blockchain technology, retailers can now easily streamline supply chain management, accounting, auditing, compliance and inventory by diminishing redundant database systems. All these factors are raising the global market of Blockchain in Retail Market to a great extent for the forecast period.

At the same time, blockchain technology also unveils various potentials for retail organizations to direct business challenges. One of the significant challenges faced by retailers across the globe is the forecasting of actual sales due to short product life cycles. However, with the implementation of blockchain solutions, the businesses and their supply chain partners can smoothly go with utilizing smart contracts to automate payments and orders, thereby promoting enhanced inventory management.

More factors flourishing the blockchain in the retail market and its growth are attributed to supermarket and grocery stores that are adopting blockchain solutions to augment the customers by allowing them to track the line of the products from the farm to the store.

However, factors such as procuring talent and expertise had better understand that blockchain technology is also motivating the blockchain in the retail market’s growth. On the flip side, factors such as interoperability among various blockchains, lack of standards, and integration of legacy systems with blockchain technology are restricting the blockchain in the retail market’s growth in the coming years.  

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Market Key Players:

The high-flying players in the market of Global Blockchain in Retail are listed as  Tata Consultancy Services Limited, Microsoft Corporation, IBM Corporation,  Amazon Web Services, SAP SE, Bitfury USA Inc., Oracle Corporation, Cegeka, Auxesis Group, Cisco Systems Inc., BlockApps, R3, Blockpoint Systems, Coin Sciences Ltd., and Cognizant. Moreover, other market players are also actively participating in increasing market share. They are Bitpay, Blockverify (Venture Proxy Ltd), Coinbase, and Guardtime.

Market Segmentation:

With dynamic changes occurring in blockchain in the retail market, it has been further studied based on segmentation. The segments included are type, platform, organization size and application.

  • In terms of type: Public, private, and consortium are the segments.
  • In terms of the platform: Ripple, Bitcoin, R3 Corda, Ethereum, Multichain, Hyperledger Fabric, Quorum and others are the segments.
  • In terms of organization size: Large enterprises and SMEs are the segments.
  • In terms of application: Compliance management, auditing, database management, inventory management, payment management, fraud management, loyalty, and rewards management, are the segments.

Regional Outlook:

The regional analysis of the blockchain in the retail market in the report is analyzed over four main regions of North America, Europe, Asia-Pacific, and the rest of the world, according to country-level market sizing.

In the present time, the region of North America occupies the largest market share due to the occurrence of a large number of retail enterprises in the countries of the US, Canada, and Mexico. The escalating focus on personal identity, data control and online security for interactions among customers and retailers are motivating the adoption of blockchain among retailers in North America.

Europe also occupies the second largest market share due to the mounting adoption of blockchain in countries such as Germany, France, and the UK.

Also, the region Asia-Pacific holds the third-largest market share and is anticipated to accomplish the highest growth for the ever-increasing adoption of blockchain technology in the retail industry.

In the last, the market in the Middle East and Africa is also likely to reach a substantial growth with rising investments by retail enterprises for the achievement of blockchain solutions to update business operations.

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